COM 311 2-1 Discussion Setting SMART Goals
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Southern New Hampshire University *
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311
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Marketing
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Feb 20, 2024
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docx
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Scenario: A company is determined to develop a social media strategy for its website that will boost brand awareness among its target audience and result in increased sales within the next year.
Specific: The company's objective is to increase its sales by driving brand awareness on social media through its website with utmost confidence over the next year.
Measurable: To achieve the above goal, the company will confidently achieve a 40%
increase in impressions, resulting in a corresponding 40% surge in website traffic, and ultimately, a remarkable 20% increase in sales.
Attainable: The company has what it takes to make a significant impact through social media, including creating captivating content, having concise business profiles, including links that redirect to the company's website, and posting regularly on social media to engage the audience. Additionally, periodic data analytics will help determine if the click rate leads to more website traffic and an increase in sales.
Relevant: The company firmly believes that developing relatable ads through a well-
crafted social media strategy is the key to achieving significant improvement in brand awareness and sales. By driving website traffic, the company can capture the
interest of its target audience and take its business to new heights.
Time Specific: To achieve its goal within a year, the company will confidently analyze customer data every quarter to determine customer interest. Based on this data, the company will make the necessary changes to ensure it reaches its desired
outcome without a shred of doubt.
KPIs:
- Profits: The company confidently analyzes gross and net profits to determine the business's success in generating high returns.
- Customer Lifetime Value (CLV): The company confidently determines the benefits of maintaining long-term relationships with customers and identifies the most cost-
effective marketing channel for attracting and retaining top-tier customers who generate the most revenue for the business.
- Customer Acquisition Costs (CAC): The company confidently calculates the average cost per new customer to evaluate the effectiveness of a marketing campaign and make informed decisions based on accurate data.
- Net Promoter Score (NPS): The company confidently sends customer surveys to determine the likelihood of recommending the business and takes necessary steps to increase the score.
- Number of customers: The company confidently monitors and keeps a record of the number of customers gained and lost to gain valuable insights into the effectiveness of customer service and overall business strategies.
- Number of new vs. repeat site visits: The company confidently calculates the percentage of new visitors to the website to determine the success of efforts to increase brand awareness.
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Criteria
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